Most European financial services bosses wary of ‘unintended consequences’ of AI

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TMT Reporter

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A new survey has revealed the extent to which chief executives of European financial services companies are concerned about the potential dangers of AI.

The latest EY CEO Outlook Pulse Survey has revealed that 63 per cent of financial services bosses are concerned not enough is being done to manage the “unintended consequences” of artificial intelligence.

These concerns include the threat of ‘bad actors’ using AI to generate deep fakes or spread misinformation, as well as the ethical and privacy risks associated with generative AI technology.

However this anxiety has failed to curb the financial sector’s enthusiasm to adopt AI.

Of the 96 European financial services chief executives surveyed, 90 said they are adding AI into their capital allocation, while over half are already splashing the cash on the booming technology.

“AI is infinitely innovative, which – while exciting – comes with challenges,” said Patrice Latinne, EY EMEIA data & artificial intelligence financial services partner.

Governance and transparency are “increasingly crucial” to the safe use of artificial intelligence, Latinne said, adding that with many exercising caution, “building confidence focused on the exponential value to be created will be fundamental to successful implementation”.